Dividing a family business during divorce can be complex, and numerous questions need to be considered and addressed. Who is currently running the business? Who is going to run the business after the divorce, and who is going to be out of the business? When you’re facing these questions, it’s important to work with a New Bern divorce attorney who has experience handling complex assets.
At the law office of J. Randal Hunter, Attorney at Law, we have more than 30 years of experience helping individuals throughout North Carolina resolve complex family law matters. As a North Carolina board-certified family law specialist, Mr. Hunter has the experience and in-depth legal understanding his clients need to determine the most effective way to move forward with the business.
When spouses run a business together, the business may be considered a marital asset, and it is often one of the largest assets the couple owns. Because it is not usually practical for a couple to continue operating a business together after a divorce, the spouses need to consider how the business will be distributed.
If one spouse will continue operating the business after the divorce, there are numerous things that an experienced lawyer can assist with, including:
- Valuation of the business
- Structuring a buyout agreement
- Tax issues and ramifications of dividing the business
- Checking for hidden business assets, such as cash